Olofsson Tells Saab To Find A New Owner If It wants Govt Aid

Published måndag 23 februari 2009 kl 10.54

Minister Maud Olofsson arrives at Trollhättan

Enterprise minister Maud Olofsson visited the factory headquarters of Swedish car brand Saab on Monday and told reporters that Sweden is not prepared to consider loan guarantees to General Motors’ Saab Automobile unit unless the carmaker finds a private investor to underwrite its business plan.

”We need to know there is a secure ownership which takes responsibility for the business plan so that it (Saab) can showa profit in 2012, 2013,” Olofsson told a news conference.

She added that the government needed a private investor to answer for Saab’s turnaround and repeated the state should not own car makers.

Sweden’s government also said it was preparing to apply for 4 billion Swedish crowns from the European Globalisation adjustment Fund to support Sweden’s south-western region, which is home to much of the country’s auto industry.

In Sweden on Friday, Saab autos was granted court protection from creditors for a three month period to carry out a reorganisation process which owners General Motors hoped would would make Saab more marketable for potential buyers.

GM spokesperson Chris Preuss, who’s company needs a total of 30 billion dollars in US government loans to avoid bankruptcy itself, said the days of ”Genrous Motors” are over and if the Swedish car company couldn’t be sold off by the end of the year then they’d let it go.